Grain prices were mixed but mostly higher on Tuesday as traders resumed a holiday-shortened week today. Corn prices showed the most upside, with prices rising more than 1.5% higher on lingering concerns about U.S. crop quality and production potential. Wheat prices also made moderate inroads today. Soybeans failed to follow suit, however, with Argentina offering an improved exchange rate to farmers - a move that is likely to boost short-term sales. The news had U.S. prices trending more than 1.25% lower.
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Some parts of the Northern Plains and upper Midwest will see some rainfall between Wednesday and Saturday, but large portions of the Corn Belt won’t see any measurable moisture during that time, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s new 8-to-14-day outlook predicts near-normal to slightly dry precipitation totals in the Midwest between September 13 and September 19, with most of the United States likely to see above-normal temperatures On Wall St., the Dow sank 160 points lower in afternoon trading to 31,158 on persistent concerns that interest rates will keep moving aggressively higher in the near term. Energy futures were mixed. Crude oil tested 0.3% gains this afternoon, staying just above $87 per barrel. Diesel ticked 0.25% higher, while gasoline faded 1.25% lower. The U.S. Dollar firmed moderately. On Friday, commodity funds were net buyers of all major grain contracts, including corn (+5,000), soybeans (+10,000), soymeal (+3,000), soyoil ...
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